Merger Arbitrage Mondays – May 7, 2012
Merger activity spiked sharply higher with thirteen new deals announced and six closing. Four of the new deals announced are over a billion dollars. We have not seen such frenzied activity since we started reporting on mergers more than two years ago. One of the deals that is not included below is the $792 million takeover offer for satellite imaging products company DigitalGlobe (DGI) by rival GeoEye (GEOY), which was rejected by the board on Sunday. We mentioned insider purchases of GeoEye by private equity fund Cerberus Capital Management in one of our Insider Weekends series of posts.
You can find all the active deals listed below in our Merger Arbitrage Tool that automatically updates itself during market hours.
Deal Statistics:
New Deals:
- The acquisition of Sunoco (SUN) by Energy Transfer Partners (ETP) for $5.3 billion in a cash plus stock deal. Under the terms of the transaction, shareholders of Sunoco can either receive $50 in cash, 1.0490 ETP common unit or a combination of $25 in cash and 0.5245 ETP common units for each Sunoco share.
- The acquisition of Books-A-Million (BAMM) by The Anderson Family for $48.8 million or $3.05 per share in cash.* Since the Anderson family already owns 53% of the company and Clyde Anderson is the Chairman of the Board, this is essentially a “going private” transaction. The deal has not yet been approved by the board and hence we have not yet included it in the list of pending deals below or in our merger arbitrage spread tool.
- The acquisition of Gen-Probe (GPRO) by Hologic (HOLX) for $3.7 billion or $82.75 per share in cash.
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